India Reduces Import Tariff on Textile Goods and Machines from Singapore

The India's Ministry of Finance has reduced tariff on 539 kinds of finished products from Singapore, which met one part of the agreement of canceling tariff among the Bilateral Free Trade Agreement. The latest measure aims at further improving the bilateral cargo trade. The bilateral cargo trade is expected to reach USD 32 billion till 2015.

To reduce tariff on 539 kinds of finished products and to expect to reduce import cost of series of products including the mechanical equipment, machinery, textile raw materials and textile products, rubber and plastic products.

The Bilateral Free Trade Agreement is officially called the Comprehensive Economic Cooperation Agreement (CECA), which was run from August 2005, reduction of tariff and expanding cargo trade for two countries. Both two parties made agreement in May 2010, expanding bilateral trade from USD 16 billion to USD 32 billion till 2015.

With the start of a new round of reduced tariff on 539 kinds of products, the import tariff on 307 kinds of products approaches to zero at present and is expected to be canceled on December 1, 2011.